Russian Court Favors Binance for Removing Domain from Blacklist

A Russian court has overturned the previously imposed ban on the domain of Binance in the country, allowing the legal operations of the cryptocurrency exchange.

Binance’s name was added to the list of blocked sites by the country’s internet censorship agency, Roskomnadzor in September. Then, the decision was made to comply with another court decision that blamed the crypto exchange giant for illegally offering details on acquiring digital currencies.

“We are glad that we were able to successfully challenge the blocking of the domain and the corresponding court decision in due course,” Gleb Kostarev, Head of Binance's Russian operations and CIS, told local crypto news site, Forklog.

“We hope that with the adoption of transparent laws in the field of cryptocurrency regulation in Russia, such cases will become a thing of the past and regulatory uncertainty will no longer negatively affect the development of cryptocurrency projects in Russia.”

A Censorship Not Implemented

Despite the official blocking, the Binance domain was reachable to Russians, meaning anyone could still continue to purchase Bitcoins or any other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

Additionally, Kostarev detailed that the blockade did not hamper the cryptocurrency trading volumes on the exchange from Russia, but it still moved the matter to court to protect any uncertainty and negative publicity.

The Russian media censor has a history of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term with other crypto platforms. Before Binance, it blocked BestChange.ru, an aggregator of over-the-counter (OTC) cryptocurrency providers.

Meanwhile, the Russian law legally defining cryptocurrencies as property became effective this month. However, the country is not welcoming cryptocurrencies with open arms as there are tough laws around digital currencies being proposed.

Most recently, Livecoin, a Russian crypto exchange, terminated its services after it was hacked last month, which crippled it technically and financially.